The Wealth of Nations

by George H. Smith, Adam Smith, Craig Deitschmann (Narrator)

The 'Giants of Political Thought' series is an easy and entertaining way to broaden your mind and your awareness of great ideas. --- This program discusses Smith's general approach to philosophy and how The Wealth of Nations fits into that approach. It then goes on to cover Smith's major themes in this lengthy and complex book. Smith's sometimes difficult discourse is presented with the background information necessary for its comprehension.

An Inquiry into the Nature and Causes of the Wealth of Nations is the foundation of classical economics, and it has influenced a broad range of thinkers. In it, Adam Smith stresses the importance of the division of labor to economic progress. He criticizes the arguments for economic planning and offers a detailed theoretical and historical case for free trade. Far more than just a work on economic theory, The Wealth of Nations also contains Smith's views on philosophy, history, and political theory.

Genres: Philosophy, History, Nonfiction, Economics, Politics, Audiobook

Audiobook

Published August 14, 2012

About the author

George Hamilton Smith was an American author, editor, educator, and speaker, known for his writings on atheism and libertarianism.

Reviews

[Goktug Yilmaz · Rating 3 out of 5]

Notes:
- Competition keeps market price to a minimum level, which is the natural price. When government intervenes the market price goes up.
- Taxes increase the price of a market commodity. This decreases the wealth, happiness and ease of the country.
Things which have the greatest value in use, have little value in exchange. Things which have the greatest value in exchange have little value in use. (Water-Diamond paradox) (Value in use vs value in exchange)
- Cheapness is the same thing as plenty, scarcity makes a commodity expensive.
- Progressive state => People are the happiest and most comfortable. Stationary state => Dull. Declining state => melancholy.
- Wages rise in a progressive economy but profits fall.
- Wages, profit and rent are the components of market price. These represent the 3 great economic classes laborers, capitalists, land owners.
- Rent and wages increase in a progressive economy, because spontaneous economic order is the foundation of economic progress, landlords and laborers should have natural interest in free market.
- Land owners are the most secure, happy of economic classes, because they do not have to spend time or effort to get paid.

Productive Labor vs Unproductive Labor:
- Manufacturer adds value to the material they work on. (Productive)
- Menial labor doesn't add value to commodity. (Unproductive)
- Productive labor adds value to the whole economy.
- Unproductive labor value perishes as soon as its performed.
- Unproductive labor, service occupation: Lawyer, Physician, Churchman, Scholar, Actor, Singer
- Productive vs unproductive labor has no correlation with how necessary, useful or honorable a profession may be.

- For economic growth and happiness, government is the problem, not the solution. Government is the greatest reason for unproductive labor.
- Invisible Hand: In a free market economy, self-interested individuals operate through a system of mutual interdependence to promote the general benefit of society at large. Voluntary trades in a free market produce unintentional and widespread benefits. These benefits are greater than those of a regulated, planned economy.
- The invisible hand, can operate only if the rules of justice: Life, Liberty, Property are enforced. This is the primary function of government.

[Rajat Gururaj · Rating 5 out of 5]

A brilliant nuanced overview of Adam Smith's key ideas.The left has a tendency to vilify him and libertarians have a tendency to praise him without fully engaging with his ideas. This book brings out the depth of his thinking , which advocates for a free market but also fights mercantilism ( or Crony capitalism ) as an evil which only benefits businessmen. Smith's thoughts on productivity, division of labour, balance of trade, competitive advantage still seem fresh and relevant to our connected, globalised world today. For those, who wouldn't be able to devote time to peruse his 1000 page Magnum Opus, this concise overview is the next best option.

I listened to an Audiobook version which was of extraordinary quality. Craig Deitschmann and others have done a fantastic job bringing out the material including doing accurate Scottish and French accents throughout!

[Benjamin Stahl · Rating 3 out of 5]

Although this book is serviceable enough if you want the general gist of Smith's fairly gargantuan Wealth of Nations, I was kind of angry with this book and so was unable to enjoy it that much. Perhaps this was unfair though, as it was entirely by my own error that I began reading it on Audible thinking it was the original Adam Smith book. It is mistitled there merely as "The Wealth of Nations" rather than "The Wealth of Nations: Giants of Political Thought". Also, it was attributed to Adam Smith, not George H. Smith.

So, I just wasn't as invested when I found it was just a random Cliff Notes-type book instead. But the book is fine, so it would be needless to rate it any lower than three stars. On the plus side, it only took five hours of my invaluable life, which is devoted to curing cancer, helping the needy, and inventing stuff that will benefit not only humans, but all animals, inanimate objects, and every single microparticle.

[Don · Rating 4 out of 5]

theory of moral sentiments, win to free trade, govt for justice with virtues, when compare crime rates dependency as cause of crime, let people do as they do laissez-faire, stumble upon policy vs design as nations tended to do, Scottish philosopher Hume, cause and effect, let free trade reign, right to life liberty property as primary role of govt, preserve competition and liberty, no violation of laws of justice, capitalism good and individual capitalists can be bad.

[Jack Boyles · Rating 4 out of 5]

A decent book that breaks down key segments fro The Wealth of Nations. Its interesting to hear the promise of capitalism in the past and how, under enlightened gentlemen, it's very convincing.
However, it's Smith's naivety that shows its flaw. Smith never understood humans would turn into Assets or the greed would be the economic systems demise. He slanders government regulation, when in practical, its what the system needs.
More interesting is how many people have misunderstood his metaphors, using them to highlight their own interpretation.
Nevertheless, its an imports read and any politics or economics buff should read.

[Amanda · Rating 4 out of 5]

I wanted originally to read the actual Wealth of Nations but I’m glad I read this instead bc it’s more of an explanation. The four stars are because it was really helpful & I def had some misconceptions about the work going into it, so I learned a lot. It’s not for the quality of what Adam Smith wrote.

[Gregory Cornelius · Rating 3 out of 5]

Good introduction to Adam Smith’s ideas which addresses many of the lingering myths about his world view held by the majority who have never read his writing. Was interesting to learn of his foundations in moral philosophy, and his unrelenting attacks on both mercantilism (protectionism) and also capitalism.

[Brian Baughman · Rating 5 out of 5]

This abbreviated overview of the "The Wealth of Nations" discussed the main points from Smith's seminal work. I appreciated the insights into how revolutionary his ideas were at the time and background into the type of business culture (essentially devoid of all capitalism) he faced. Listened on audible - free.

[Travis Fasko · Rating 5 out of 5]

This is a great high level Summary of Adam Smiths Wealth of Nations. And if that is all you need this is a great book to listen too. But if you want a deeper understanding you will need to read the full Book.

[Xin · Rating 3 out of 5]

No. This is not the book by Adam Smith. It is a book by George Smith on Adam Smith & his book, the Wealth of Nations.

[Pawel · Rating 4 out of 5]

Just my notes: Invisible hand, balanced and natural price, division of labor, land and rent, meaningless service work.

[Matthew Mechtly · Rating 5 out of 5]

A thorough, yet succinct summary Adam's Smith's contributions to economic-thinking

[Dave Wallace · Rating 4 out of 5]

Economics was just a side hustle for Adams.

[Rafsan · Rating 3 out of 5]

Good Commentary on "The Wealth of Nations" by Adam Smith

[Ankit · Rating 3 out of 5]

A nice breeze in contrast to wealth of nations by Adam Smith.

[Daniel · Rating 4 out of 5]

An intriguing summary of the great work which provides content to the Smith’s work.

[Suzanne Lorraine Kunz Williams · Rating 3 out of 5]

Don't confuse this book with the book The Wealth of Nations by Adam Smith. It talks about the concepts from Adam's book. But far better to read the original itself.

[Leon Fowler · Rating 2 out of 5]

The audiobook has good content but is difficult to follow. What is wealth? Money. Labour, capital, rent. The invisible hand. Supply and demand. Free trade. Mercantilism, capitalism.

[bimri · Rating 3 out of 5]

The commentary saved me quite sometime and gave me all the nuggets and scope that I needed from Adam Smith's "The Wealth of Nations."

[AttackGirl · Rating 5 out of 5]

As I have said the first time I have read The Wealth of Nations Mr Adam Smith is obviously a young boy/man with what today we call ADHD. Or perhaps OCD in his counting and observations. Regardless, I am thankful for his work. I do agree with the open market and no government should interfere and has no business interfering in agreements between people for goods, service.... or money. Labor, stock, rent still things we discuss today.

Natural Value- let those crazy economist keep arguing; I choose water.

Value in Use = highest value like water
Diamonds... Well read the book so you understand. I am sure Adam is the one who first suggested they start selling water!!

[Chrissy · Rating 3 out of 5]

NOTE: This edition is a summary + commentary, NOT the original, unabridged book by Adam Smith. It was good, but it shouldn't be classified as the same book on Goodreads.